Appian Insider Abdiel Trims 4% Holding in $9.3M Sale

Rhea-AI Filing Summary

Form 4 filing – Appian Corporation (APPN) – 07/08/2025

Abdiel Capital-affiliated entities, collectively a 10% beneficial owner of Appian, reported a series of open-market dispositions of Class A common stock between 07/03/2025 and 07/08/2025.

• Total shares sold: 301,379
• Average price range: $30.07 – $31.50
• Post-sale beneficial ownership: 7,228,390 shares (down from 7,529,769 pre-sale)

The transactions were executed by two vehicles:

• Abdiel Qualified Master Fund, LP – 299,597 shares sold in four blocks (24,597; 91,852; 108,148; 75,000) at weighted average prices of $30.45–$31.27.
• Abdiel Partners, LLC – 1,782 shares sold in three small blocks at weighted average prices of $30.51–$31.19.

Following the sales, Abdiel entities remain above the 10% ownership threshold. No derivative securities were reported. Each weighted-average price reflects multiple trades; the funds commit to furnish full pricing details upon request.

Positive

• None.

Negative

• 10% owner disposed of 301,379 shares, reducing its position by roughly 4% and potentially exerting selling pressure.
• No offsetting insider purchases or derivative exercises were reported, offering no balancing bullish indicator.

Insights

Securities Analyst

TL;DR: 10% owner trimmed APPN stake by ~4%, signaling modest distribution at $30-31.

The filing reveals that Abdiel’s combined funds reduced their holding by roughly 301k shares, equivalent to about 4% of their prior stake. While the owner remains well above the 10% threshold, a multi-day sequence of sales can introduce supply pressure and is often interpreted as a bearish data point, particularly when no offsetting purchases or derivative conversions are disclosed. Transaction prices clustered narrowly around the three-month average, suggesting routine portfolio rebalancing rather than opportunistic selling far above market. No new derivatives, pledges, or insider purchases were reported, so the filing is limited to outright sales.

Portfolio Manager

TL;DR: Large holder liquidity event, limited but negative near-term signal for APPN flow.

From a fund-flow perspective, the 301k-share disposal (~$9.3 M notional) is meaningful for a stock with moderate average daily volume. Although Abdiel still retains over 7.2 M shares, its willingness to sell at prevailing prices could soften short-term sentiment and cap upside momentum. Absent additional context—earnings, strategic shifts, or board changes—this looks like plain deleveraging, yet supply absorption remains an overhang for fast-money traders. Long-term investors should note that Abdiel remains a committed top holder, mitigating the strategic risk.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Abdiel Capital Advisors, LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APPIAN CORP [ APPN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/03/2025		S		24,597	D	$30.45(1)	7,505,172	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/03/2025		S		597	D	$30.51	7,504,575	I	By Abdiel Partners, LLC(2)
Class A Common Stock	07/07/2025		S		91,852	D	$30.77(3)	7,412,723	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/07/2025		S		108,148	D	$31.14(4)	7,304,575	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/07/2025		S		587	D	$31.02(5)	7,303,988	I	By Abdiel Partners, LLC(2)
Class A Common Stock	07/08/2025		S		75,000	D	$31.27(6)	7,228,988	I	By Abdiel Qualified Master Fund, LP(2)
Class A Common Stock	07/08/2025		S		598	D	$31.19(7)	7,228,390	I	By Abdiel Partners, LLC(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Abdiel Capital Advisors, LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Qualified Master Fund LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Capital LP

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Partners, LLC

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Abdiel Capital Management, LLC

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Moran Colin T.

(Last) (First) (Middle)

C/O ABDIEL CAPITAL

90 PARK AVENUE, 29TH FLOOR

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.07 to $30.91. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The share numbers in Column 5 represent the aggregated holdings of Abdiel Qualified Master Fund, LP ("AQMF"), Abdiel Capital, LP ("ACLP") and Abdiel Partners, LLC ("APLLC"). Abdiel Capital Advisors, LP serves as the investment manager of AQMF, ACLP and APLLC. Abdiel Capital Management, LLC is the general partner of AQMF and ACLP. Colin T. Moran is the managing member of Abdiel Capital Management, LLC and Abdiel Capital Partners, LLC, which is the general partner of Abdiel Capital Advisors, LP and the managing member of APLLC. By virtue of the foregoing relationships, Mr. Moran and Abdiel Capital Advisers LP may be deemed to beneficially own the securities held by AQMF, ACLP and APLLC, and Abdiel Capital Management LLC may be deemed to beneficially own the securities held by AQMF and ACLP. Each Reporting Person disclaims beneficial ownership of such securities, except to the extent of its or his pecuniary interest therein.

3. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.19 to $31.00. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.00 to $31.27. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.01 to $31.04. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.90 to $31.50. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. The price reported for the Common Stock is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.18 to $31.19. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

	By: /s/ Colin T. Moran as managing member of Abdiel Capital Partners, LLC, general partner of Abdiel Capital Advisors, LP	07/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Qualified Master Fund, LP	07/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC, general partner of Abdiel Capital, LP	07/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Partners, LLC, managing member of Abdiel Partners, LLC	07/08/2025
	By: /s/ Colin T. Moran as managing member of Abdiel Capital Management, LLC	07/08/2025
	By: /s/ Colin T. Moran, individually	07/08/2025
	** Signature of Reporting Person	Date
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FAQ

How many Appian (APPN) shares did Abdiel Capital sell?

Approximately 301,379 Class A shares were sold between 07/03/2025 and 07/08/2025.

What prices did the APPN insider sales occur at?

Weighted-average prices ranged from $30.07 to $31.50 per share.

What is Abdiel Capital’s remaining stake in Appian after the transactions?

Post-transaction beneficial ownership stands at 7,228,390 shares, still above the 10% threshold.

Were any derivative securities involved in this Form 4 filing?

No. Only non-derivative common stock sales were reported; Table II shows no derivative activity.

Does Abdiel Capital remain a 10% owner of APPN?

Yes, despite the sales, the group continues to hold more than 10% of Appian’s outstanding Class A shares.